Manaksia will list on stock exchanges on Tuesday, 8 January 2008. The stock will be placed in the B1 group on BSE. The company had fixed the issue price at the top end of the Rs 140-160 price band. At the IPO price of Rs 160, the PE multiple works out to 12.12, based on the year ended March 2007 annualised EPS of Rs 13.20.
The public issue of Kolkata-based Manaksia ended on 19 December 2007. The IPO was subscribed 9 times. It received bids for 13.61 crore shares against 1.55 crore shares on offer. The price band of the issue had been fixed between Rs 140-160.
The QIB portion subscribed by 13.07 times, the retail segment 5.08 times, and the non institutional investors 2.72 times.
Manaksias business is spread across aluminium sheets, galvanised steel sheets, mosquito coils and metal packaging products. The flat aluminium products are partly used for captive purposes to make metal containers and caps, and the rest is supplied to auto companies like Maruti. Galvanised corrugated steel sheets are mainly used in the household sector in Nigeria.
The company plans to use the net proceeds of the issue for expansion of the metals business at Haldia in West Bengal. A portion of money would also be used to pre-pay a certain amount of term debt and for general corporate purposes.
Manaksia reported a net profit of Rs 92.06 crore on revenue of Rs 827.78 crore in the year ended March 2007.|